The Federal Reserve has a new website, www.federalreserve.gov/creditreports, that for a change is a good expenditure of taxpayer money. Hopefully this could start a trend. The "Consumers Guide to Credit Reports and Credit scores" offers a wealth of advertisement-free, accurate information. Besides explaining why credit is so vital to many areas of your life, besides just getting a mortgage, it also covers: who can see your credit report, how to opt-out of receiving unsolicited offers for credit, who collects the information, and where credit bureaus get the information. While the credit reporting bureaus do a good job overall of reporting information, mistakes do happen.
One link on the site covers the issue of credit repair. This issue comes up frequently with consumers who have had credit challenges or not enough acceptable credit history. Credit repair is about correcting inaccurate and incomplete information. It is NOT about changing the truth about a consumer's credit history. No one can legally remove accurate and timely information from your credit report. The Fed does an outstanding job of debunking the myths on this in their information.
Anything a legitimate credit repair company can do, a consumer can do for himself at little or no cost. As for the rip off credit repair scammers, their ideas do not work. Today in the mortgage and credit arena, nothing slips by.
Chip Allen
Crestline Mortgage Bankers
A Division of Universal Lending Corp
Direct: 303.947.2109
Fax: 303.987.0676
Colorado Mortgage Broker License # 100019831
NMLS # 378621
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